MFIC Corporation and Blue Pacific Flavors & Fragrances Cease Efforts to Form Collaboration
NEWTON, Mass.--(BUSINESS WIRE)--MFIC Corporation (MFIC or the Company) and Blue Pacific Flavors and Fragrances, Inc. (Blue Pacific) announced today that they had ceased efforts toward the formation of a collaboration in the food, beverage ingredient, and flavor business. The parties had hoped to actively collaborate to create nanoprocessed food and beverage solutions incorporating MFIC’s proprietary Microfluidizer® high shear processing equipment.
“Public statements by any party or publication to the effect that a joint venture, exclusive relationship or partnership existed between MFIC and Blue Pacific were both untimely and inaccurate. Blue Pacific will be a valued customer that we hope to work with extensively in the future.”
Irwin Gruverman, CEO and Chairman of MFIC, commented, “Although both parties worked diligently toward the formation of a collaboration, we were ultimately unable to come to acceptable terms due to divergent expectations.”
“Blue Pacific is a fine and innovative company. We anticipate a continuing relationship with them and supplying them with our equipment and, prospectively, to building systems to their specifications with a Blue Pacific “private label” for their customers”, added Mr. Gruverman.
Mr. Gruverman further commented, “Public statements by any party or publication to the effect that a joint venture, exclusive relationship or partnership existed between MFIC and Blue Pacific were both untimely and inaccurate. Blue Pacific will be a valued customer that we hope to work with extensively in the future.”
Forward Looking Statement:
Management believes that this release contains forward-looking statements that are subject to certain risks and uncertainties including statements relating to the Company’s plan to attain and/or increase operating profitability and/or to achieve net profitability. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by the Company to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to the following risks and uncertainties: (i) whether the performance advantages of the Company’s Microfluidizer® materials processing equipment or that a commercial market for the equipment will continue to develop, (ii) whether the performance advantages of the Company’s MMR nanoparticle production systems will be realized commercially, (iii) whether the Company will be able to increase its market penetration and market share, (iv) whether the timing of orders will significantly affect revenues and resulting net income for particular quarters in a manner that could cause increased volatility in the Company’s stock price, and (v) whether the Company will have access to sufficient working capital through continued and improving cash flow from sales and ongoing borrowing availability, the latter being subject to the Company’s ability to comply with the covenants and terms of its loan agreement with its senior lender.
MFIC Corporation, through its Microfluidics subsidiary, provides patented and proprietary high performance Microfluidizer® materials processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care, and food industries. The equipment enables the manufacture and formulation of numerous nanomaterials and nanoscale products. MFIC applies its 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid structures available, and has provided manufacturing systems for more than 15 years.
The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to MFIC equipment customers. For more information please visit http://www.microfluidicscorp.com/